Dollar plunges to Rs149.90 in the interbank market

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KARACHI: The US dollar dropped below Rs150 in the interbank market on Monday after soaring at its highest last week.

The US dollar was decreased by Rs1 and was swapping at Rs149.90 in the interbank market. The rupee has maintained uptrend on the third straight day on Monday.

The dollar also decreased by Rs1.70 in the open market to be traded at Rs150.

According to Taurus Securities’ analyst Mustafa Mustansir, “The recovery in rupee is seen following the kingdom of Saudi Arabia activated (from July 2019) credit line worth $3.2 billion to supply petroleum oil to Pakistan on deferred payment,”

The rupee came record lows against the US dollar subsequent to the announcement of a $6 billion bailout agreement with the International Monetary Fund.